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TMI Blog2019 (4) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... s of tribunal - reference to Third Member by the Hon'ble President u/s.255(4) - HELD THAT:- In agreement with the view of the Ld.CIT(A) that money equivalent to enhanced portion of the asset revalued and credited in capital account of the partner is not a capital asset and distribution of such money equivalent to the partners on retirement did not constitute transfer of capital asset on disso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RAMIT KOCHAR, HON'BLE ACCOUNTANT MEMBER For The Assessee : Shri Dr. K. Shivaram For The Revenue : Shri Chaudhary Arun Kumar Singh ORDER PER C.N. PRASAD (JM) 1. This order is passed in confirmity with the view of the Hon'ble Vice President, the Third Member. My Ld. Brother was of the view that the money equivalent to enhanced portion of the asset revalued c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as difference of opinion between my Learned Brother and myself and the point of difference was referred to Third Member by the Hon'ble President u/s.255(4) of the Act. Pursuant to the reference made by the Hon'ble President, the Hon'ble Vice President as Third Member framed the following questions on the point of dispute: - ( 1) Whether on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 45(4) r.w. Section 2(14) of the Income Tax Act. 2. By a detailed order dated 10.01.2019 the Hon'ble Third Member answered both the questions in the negative and in favour of the assessee agreeing with the view of the Judicial Member. Since the Majority view of the Members is against the Revenue, the grounds raised by the Revenue in both the appeals are decided against the Revenue in conf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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